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Yes. If you default on a debt, a creditor or debt buyer can file a lawsuit against you. If they win a judgment, they may be able to garnish your wages or levy your bank account to collect the owed amount.
High debt levels are a primary reason people are forced to delay retirement. Many must continue working solely to make monthly payments, as their retirement income cannot cover both living expenses and debt service.
Being overextended means your debt obligations have grown to a point where they are unsustainable based on your income. It signifies that a significant portion of your monthly cash flow is dedicated to making minimum payments, leaving little room for living expenses, savings, or emergencies.
Review the bill for errors, verify insurance coverage, and contact the provider’s billing department to discuss options like payment plans, financial assistance, or discounts for self-pay patients.
The single most important factor is consistency. Regardless of the method chosen, creating a realistic budget, sticking to your plan, and making consistent payments over time is the only way to successfully eliminate overextended debt.